This is the part of the lending story that
nobody wants to talk about. Wall Street securitized this paper,
even though they knew they were securitizing trash. The original documents would prove the frauds - if they were ever produced in court.
So the key is to, of course,
never produce original documents - that way they can't be challenged, there is no evidence, and the only focus we have is on the borrower, who of course isn't paying
and thus we have an excuse to railroad him or her.
Never do we look into what he signed (or didn't), what was forged, what was gamed.
The W2 that isn't really his - oh, he submitted one, but the loan broker used a scanner and Photoshop, and the one in the file
isn't the one that the customer submitted. The borrower has a fixed-rate disclosure document,
but in the file is an adjustable-rate one that was at the bottom of the 3" stack of paper; the customer unwittingly signed that, and the fixed-rate one on the top was destroyed. The "GFE" - Good-Faith Estimate - that the customer has in his folder
doesn't match the one in the file either, because that too was doctored - and we know for a fact the customer didn't change
that piece of paper.
Why aren't we using the words "fraud", "felony", "prosecution", or "criminal"?
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